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Technology = Speed of Service + Access to Lending

The small business lending marketplace is changing rapidly, driven by developments in the digital world, and a shift in the expectations of tech-savvy consumers who want greater transparency, flexibility, and lending that genuinely reflects their needs. Alternative funders are embracing technology as a way of meeting these demands, as well as speeding up transactions, and improving access to data to enable swift, sensible decision-making. But many business owners remain unwilling to engage with or are unaware of these innovative types of lending. There is undoubtedly some work for the industry to do to overcome both the reluctance and the lack of consideration.

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1. Call us or complete our online application.

Simply answer a few questions on your time in business, monthly sales and business type, and your application will be submitted for review.

2. Get approved for funding within 24hrs.

Upon completing an application, you will be contacted by one of our relationship managers within 24 hours.

3. Access the capital you need.

Once you have been approved for funding, you could have the money in your hands, for any business use, in as few as 2 business days.

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Education Empowers and Engages

Education clearly has an important role to play. The bank referral system recently announced by the British Government, which will see companies rejected for bank loans introduced to alternative lending providers, also has the potential to break down bias. But how might this enforced method of sharing information work in practice, and what are its possible flaws? How might the growth of alternative finance continue to disrupt more traditional forms of lending, and alter the future business funding landscape? There is undoubtedly some work for the industry to do to overcome this reluctance.

When small businesses are seeking funding, time is of the essence. A company that decides it needs money generally wants it fast – in days or weeks – rather than waiting months, as can be the case with conventional lenders. Richard Morley (Director, Liquid Finance) believes that a speedy, technology-enabled application and funding process has proved central to the success of alternative finance, but its providers are also very effective in providing certainty to businesses, telling them what to expect.

Norman Chambers (Deputy Chief Executive Officer, the National Association of Commercial Finance Brokers) felt that alternative finance could distinguish itself by developing products, and a way of doing business that is more SME-centric.

Adam Tavener (Chairman, Clifton Asset Management) agreed the alternative finance space will be increasingly shaped by an awareness of the needs of business owners.

“As responsible lenders, we need to think about things from the customer’s perspective, something the banks haven’t done for some time. That might mean asking ourselves difficult questions, such as: does this business owner have other options that might be better for them? There’s going to be a growing push towards this way of thinking on the part of lenders – both from regulators and consumers – and that itself will continually inform how we develop our software, and offering.”Adam Tavener, Chairman, Clifton Asset Management

Education remains the single most important aspect of expanding the alternative finance industry. Alternative lenders are spreading the news to small and medium firms that growth funding is potentially within their reach, even if they can’t get it from traditional sources. Awareness of alternative finance is on the increase, but ignorance of it is still commonplace. There is also misunderstanding of how the industry works even among those SMEs that have heard of it. Some remain suspicious of such new and unknown ways of borrowing money. Perversely, many of these cynics admit the ease of access to funds is very attractive as is the capital availability offered by alternative funders but the fear of the unfamiliar remains too great for them to overcome.

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